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Executive Order: Federation Account Gets100% PSC Profit Oil ——- Report
As President Bola Ahmed Tinubu’s Executive Order (EO9) takes effect, the federation account has received a 100 percent of profit oil from production sharing contracts (PSCs) from the Nigerian National Petroleum Company (NNPC) Limited in February in 2026
This is according to NNPC’s February oil and gas revenue distribution figures presented to the federation account allocation committee (FAAC) .
The federation account, which had previously received only 40 percent of PSC profit oil however, received full remittance in February, an indication that the President Bola Tinubu’s Executive Order 9, which requires that government oil revenues be paid directly into the federation account, has been implemented.
The latest oil and gas revenue distribution data showed that the NNPC remitted N121.34 billion to FAAC as profit from production sharing contracts (PSC) in February 2026.
The figure represents a sharp increase from the N16.07 billion recorded in January, bringing the year-to-date PSC remittance to N137.41 billion.
The data said about N394.73 billion PSC revenue was budgeted for the first two months of the year, leaving an actual shortfall of about N257.32 billion.
Despite the increase in February inflows, overall remittances however ,remained significantly below projections.
The report also showed that the federation did not receive any interim dividend from the NNPC between January and February.
While N542.37 trillion was projected as dividend payment for January and February combined, no remittance was recorded during the period.
As a result, total oil and gas revenue fell sharply short of budget.
While the budget for the period stood at N937.10 billion, the actual remittance amounted to N137.41 billion, leaving a variance of about N799.69 billion.
Recall that on February 18, the president signed the executive order 9 to restructure the oil revenue remittance framework.
The policy required that royalty oil, tax oil, profit oil, profit gas and other government entitlements be paid directly into the federation account.
Before the directive, NNPC retained an about 30 percent of PCS profit oil under the Petroleum Industry Act (PIA). It also retained a additional 30 percent of management fee.
The implementation of EO9 effectively terminated NNPC’s powers to deduct oil and gas revenues.
Lady Godknows Ogbulu
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The Federal Government has approved a whooping $1bn credit facility to support Nigerian exporters and small scale businesses to take advantage of the African Continental Free Trade Area (AfCFTA) in order to boost production, competitiveness and intra-African trade.
The $1bn AfCFTA Adjustment Fund Credit Facility is also expected to address some of the financing gap being faced by Nigerian exporters and enhance the competitiveness of African businesses within the continental market.
The Minister of Industry, Trade and Investment, Jumoke Oduwole, disclosed this during the second quarter 2026 meeting of the AfCFTA Central Coordination Committee held in Abuja.
According to a statement issued by the ministry’s Head of Press and Public Relations, Obilor-Duru Okechi, Oduwole said the financing facility represented a major opportunity for Nigerian businesses seeking to expand operations, modernise production processes and increase exports to African markets.
The statement partly read, “?The Federal Government has reaffirmed its commitment to accelerating Nigeria’s export-led growth agenda under the African Continental Free Trade Area, unveiling opportunities for businesses to access a US$1 billion AfCFTA Adjustment Fund Credit Facility aimed at boosting production, competitiveness, and intra-African trade.”
She noted that despite the progress Nigeria had made in implementing the continental trade agreement, many local businesses continued to face obstacles that limited their ability to take advantage of the single African market.
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“Many businesses still face challenges relating to export documentation, certification, standards compliance and market access,” the minister said.
She explained that the Federal Government was addressing these bottlenecks through enhanced trade facilitation measures, simplified AfCFTA guidance tools, stakeholder engagement programmes and stronger collaboration with institutions such as the Nigeria Customs Service and the Nigerian Export Promotion Council.
Oduwole stressed the need to strengthen Nigeria’s legal and regulatory framework by domesticating key AfCFTA protocols, particularly the Digital Trade Protocol, to position the country as a major player in Africa’s growing digital economy.
The minister also highlighted some of the gains recorded in Nigeria’s AfCFTA implementation efforts.
According to her, the expansion of Nigeria’s Air Cargo Corridor Initiative to Rwanda, increased collaboration with development partners and private sector players, as well as sustained engagement with state governments, were helping to deepen awareness and participation in the continental market.
In her welcome address and first-quarter update, the National Coordinator and Chief Executive Officer of the Nigeria AfCFTA Coordination Office, Mrs Patience Okala, provided details of the financing initiative.
Okala said the $1bn AfCFTA Adjustment Fund Credit Facility was targeted at large African businesses with a minimum financing capacity of $10m.
She revealed that the National AfCFTA Coordination Office was working closely with fund managers to facilitate access for eligible Nigerian companies and had begun assembling a pilot group of businesses to ensure that Nigeria maximised the opportunities provided by the facility.
Nkpemenyie Mcdominic, Lagos
The National Inland Waterways Authority (NIWA) has advised Nigerians against boarding boats that require constant bailing of water in the interest of their safety.
NIWA Area Manager for Cross River and Ebonyi, Mr Stanley Onuoha gave this warning in an interview with Newsmen in Calabar.
Onuoha who spoke on waterway
safety, said that passengers should take responsibility for their safety by inspecting boats before embarking on any journey.
According to him, repeated scooping of water from a boat is a clear indication that the vessel may be leaking.
“If you are entering a boat and see people using a bailer to remove water, it is the first signal that the boat is leaking,” he said.
He urged passengers to check the integrity of boats, including seating arrangements and other visible safety features.
The Manager restated the importance of using safety jackets, saying that damaged jackets may fail during emergencies.
He further said that passengers should ensure that safety jackets were appropriate for their body sizes in order to guarantee effective flotation.
Onuoha reiterated the need for passengers to fill manifests before departure to aid accountability during emergencies.
The NIWA official further advised travellers to monitor weather conditions and avoid boarding boats when the weather is unfavourable.
According to him, poor weather conditions can trigger strong tidal waves capable of affecting small boats commonly used on inland waterways.
He said that waterway journeys should be embarked upon between 6.00a.m and 6.00p.m for clearer visibility.
Onuoha said the Authority had continued to sensitise riverine communities to the need for safety precautions during waterway journeys.
He stated that sustained awareness campaigns and enforcement measures had contributed to safety waterway safety in Cross River.
CHINEDU WOSU